Mendix Closes $13 Million Series A Funding Round, Fueling its Triple Digit Growth
Software company to use funds to build out global sales and marketing operations
BOSTON – October 31, 2011 – Mendix (www.mendix.com), a leader in the PaaS (Platform-as-a-Service) market, today announced the closing of a $13 million Series A round of financing. The round was led by Prime Ventures, with HENQ Invest following on its earlier seed investment. The investment will support the company’s international expansion and fuel its global sales efforts, building upon its fast growing partner network and user community.
Since its product launch in 2007, Mendix has remained profitable experiencing triple digit revenue growth year over year; acquiring and retaining customers such as GE, Genzyme and TNT. In addition to the funding, Prime Ventures’ Roel de Hoop will join the Board of Directors for Mendix and work alongside the company to help accelerate the global expansion.
“Mendix is at the intersection of several IT trends including PaaS, agile development & app stores. These trends, combined with their innovative technology and collaborative approach to aligning the business and IT sides of an organization, enable them to deliver real business value to their customers,” said Sake Bosch, managing partner at Prime Ventures. “We are living in an app driven world, where time to market and flexibility to change are key competitive advantages. Mendix is leading this trend, and we are very excited to support them with our experience and network to build a global success.”
The company’s core product, the Mendix Agile Business Platform helps companies rapidly develop, deploy and integrate applications at a fraction of the time of existing tools and platforms. Mendix applications can then be deployed in the cloud, on mobile devices or locally at the customer’s site.
“To date we have always organically achieved triple-digit growth on the results of delivering business value and solving real pain-points for our clients,” said Derek Roos, CEO of Mendix. “Our customers are looking to increase their business agility and turn to Mendix to jump-start their productivity and app deployment. The partnership with Prime comes at the right time for us to accelerate our abilities to meet this demand and act quickly in sales, marketing and product innovation.”